Regulatory FrameworkQuestion 368 of 398
The Securities Industry Essentials (SIE) exam differs from a qualification exam such as the Series 7 in that the SIE:
a.Requires association with a member firm before it can be taken
b.Permits an individual to transact securities business immediately
c.Assesses basic securities industry knowledge and does not require sponsorship by a firm
d.Must be retaken every two years to remain valid
Explanation
The SIE is an introductory exam covering fundamental securities knowledge and can be taken by anyone 18 or older without firm sponsorship. To actually transact business, a person must also pass a qualification (top-off) exam like the Series 6 or 7, which does require association with a member firm.
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